(1) (a) Except as provided in this subsection (1) or subsection (2) of this section, private property acquired by eminent domain by an authority pursuant to section 30-31- 105 (1)(l) shall not later be transferred to a private party unless: (I) The owner of the property consents in writing to acquisition of the property by eminent domain by the authority; (II) The authority determines that the property is no longer necessary for the purpose for which the authority originally acquired the property, and the authority first offers to sell the property to the owner from which the authority acquired the property, if the owner can be located, at a price not more than that paid by the authority, and the owner of the property declines the authority's offer; (III) The property acquired by the authority is abandoned; or (IV) The owner of the property requests or pleads in an eminent domain action that the authority acquiring the property also acquire property that is not essential to the purpose of the authority's acquisition on the basis that acquiring less property would leave the owner of the property holding an uneconomic remnant. (b) Notwithstanding any other provision of this section, a transfer that satisfies the requirements of this subsection (1) is not subject to the provisions of subsection (2), (3), or (4) of this section. (2) (a) If a proposed transfer of private property acquired by an authority by eminent domain does not satisfy one of the requirements specified in subsection (1)(a) of this section, such property may later be transferred to a private party only after the following conditions are satisfied: (I) The governing body makes a determination that the property is located in a revitalization area and that the county revitalization project for which the property was being acquired will commence no later than seven years from the date the governing body made the revitalization area determination. For purposes of this subsection (2)(a)(I), the governing body's determination of whether a particular area or property is a revitalization area must be based upon information that is reasonably current when the governing body makes the determination. (II) Not later than the commencement of the negotiation of an agreement for the redevelopment or rehabilitation of property acquired or to be acquired by eminent domain, the authority provides notice and invites proposals for redevelopment or rehabilitation from all property owners, residents, and owners of business concerns located on the property acquired or to be acquired by eminent domain in the county revitalization area by mailing notice to their last known address of record. The authority may, at the same time, invite proposals for redevelopment or rehabilitation from owners of business concerns, other interested persons who may not be property owners, or residents within the county revitalization area and may provide public notice thereof by publication in a newspaper having a general circulation within the county in which the authority has been established. (III) In the case of a set of parcels to be acquired by the authority in connection with the county revitalization project, at least one of which parcels is owned by an owner refusing or rejecting an agreement for the acquisition of the entire set of parcels, the authority makes a determination that the redevelopment or rehabilitation of the remaining parcels is not viable under the county revitalization plan without the parcel at issue. (b) (I) Any owner of property located within the county revitalization area may challenge the determination of a revitalization area made by the governing body pursuant to subsection (2)(a)(I) of this section by filing, not later than thirty days after the determination, a civil action in district court pursuant to C.R.C.P. 106 (a)(4) for judicial review of the exercise of discretion on the part of the governing body in making the determination. Any such action must be governed in accordance with the procedures and other requirements specified in C.R.C.P. 106 (a)(4); except that the governing body has the burden of proving that, in making its revitalization area determination, it neither exceeded its jurisdiction nor abused its discretion. (II) If the owner is the prevailing party on a challenge brought pursuant to this subsection (2)(b), an authority seeking to acquire property by eminent domain in accordance with the requirements of this subsection (2) shall reimburse the owner of the property for reasonable attorney fees incurred by the owner in connection with the acquisition. (c) Notwithstanding any other provision of law, any determination made by the governing body pursuant to subsection (2)(a) of this section is a legislative determination and not a quasi-judicial determination. (d) Notwithstanding any other provision of this article 31, an authority's eminent domain authority shall not exceed that of the county where the authority is located. (3) (a) (I) Any authority that exercises the power of eminent domain to transfer acquired property to another private party as authorized in accordance with the requirements of this section shall adopt relocation assistance and land acquisition policies to benefit displaced persons that are consistent with those set forth in article 56 of title 24 to the extent applicable to the facts of each specific property and at the time of the relocation of the owner or the occupant. An authority shall provide compensation or other forms of assistance to any displaced person in accordance with the adopted policies. (II) In the case of a business concern displaced by the acquisition of property by eminent domain, the authority shall make a business interruption payment to the business concern not to exceed the lesser of ten thousand dollars or one-fourth of the average annual taxable income shown on the three most recent federal income tax returns of the business concern. (b) In any case where the acquisition of property by eminent domain by an authority displaces individuals, families, or business concerns, the authority shall make reasonable efforts to relocate those individuals, families, or business concerns within the county revitalization area. This relocation must be consistent with the uses provided in the county revitalization plan or in areas within reasonable proximity to, or comparable to, the original location of such individuals, families, or business concerns. (4) As used in this section, unless the context otherwise requires, "private property" or "property" means, as applied to real property, only a fee ownership interest.
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